The Information Sharing and Analysis Centre (ISAC) will initially collect data from 13 of the UBF's 48 member banks. The data will be aggregated and analysed to help the banks develop defences against cyber attacks, Zawya said.

The initial thirteen banks are HSBC, CBD, ADCB, Barclays, CBI, Citibank, ENBD, FAB, Mashreq, Noorbank, SCB, ADIB, and NBF. ISAC will expand in future to include all UBF member banks, the news site said

UBF then plans to expand ISAC across the financial services industry.

"Once we have full coverage of the banking sector, we intend to include others in the financial services businesses such as Insurance companies, financial centres such as Dubai International Financial Centre, Abu Dhabi Global markets and local and foreign institutions operating from these centres,” Abdul Aziz Al Ghurair, chairman of UBF told Zawya.

UBF may also invite government bodies and public and private institutions to join, the news site said.